The Odisha government on Tuesday approved the Rs 28,700 crore investment proposal of the joint venture Haldia Petrochemicals Ltd (HPL), according to an official statement here.
The proposal envisages setting up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terepthalic Acid (PTA) near Subarnarekha Port in Balasore district.
The proposal was approved by the High-Level Clearance Authority (HLCA) headed by Chief Minister Naveen Patnaik.
The production capacity of the Paraxylene plant will be 1.6 million tonnes per annum (mtpa) and for PTA it will be 2.5 mtpa in the first phase, it said.
The first phase of the project is expected to be operationalised within five years of the allotment of land.
The West Bengal-based company had proposed investment of Rs 70,000 crore at the Make in Odisha Conclave global investors' meet held in November last year.
The land requirement for the project is 2,000 acres which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), the statement said.
The land for the project has been identified in the vicinity of the upcoming Subarnarekha Port.
PTA can be used to set up downstream units in polyester fibers and polyethyl terephthalate (PET). These products are used by several medium and small scale enterprises to make garments and food packaging applications.
In addition to Haldia Petrochemicals, the HLCA also approved the proposal of state-run Indian Oil Corp to set up a polyester products manufacturing unit of 300 kilo tonnes per annum (KTPA) capacity at an investment of Rs 1,970.52 crore in the textiles park coming up at Bhadrak district.
The project will create employment opportunities for 209 people and is expected to be implemented within four years of land allotment, the statement said.
The HLCA also approved two proposals of the private firm Rungta Mines Ltd. The first proposal was for the expansion of its 5X100 tonnes per day (TPD) sponge iron plant to a 0.53 mtpa integrated steel plant at Karakolha in Keonjhar district.
The expansion would entail an investment of Rs 1,677.98 crore and will create about 1,100 employment opportunities, it said.
The second proposal by the company is for setting up an integrated steel plant of 0.53 mtpa capacity at Karakhendra in Keonjhar district at an investment of Rs 1,848.69 crore.
Precisely 943 jobs are proposed to be created by this project.
--IANS
cd/pg/bc
Disclaimer: No Business Standard Journalist was involved in creation of this content
